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DOCUSIGN, INC.（DOCU）与必能宝（PBI）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是必能宝的1.7倍（$818.4M vs $477.6M），DOCUSIGN, INC.净利率更高（10.2% vs 5.7%，领先4.5%），DOCUSIGN, INC.同比增速更快（8.4% vs -7.5%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $201.4M）
DocuSign是总部位于美国加利福尼亚州旧金山的软件企业，为各类机构提供多设备支持的电子协议管理及电子签名相关产品。截至2025年，公司在180个国家拥有约170万客户，其处理的签名符合美国ESIGN法案、欧盟eIDAS法规要求，满足欧盟高级及合格签名标准。
必能宝（Pitney Bowes）是全球知名科技与物流服务商，提供电商配送、邮寄处理、订单履约及客户信息管理解决方案，服务零售、金融、医疗、政府等领域的各类大中小企业客户，助力企业优化物流配送与客户运营效率。
DOCU vs PBI — 直观对比
营收规模更大
DOCU
是对方的1.7倍
$477.6M
营收增速更快
DOCU
高出15.9%
-7.5%
净利率更高
DOCU
高出4.5%
5.7%
自由现金流更多
DOCU
多$61.5M
$201.4M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $477.6M |
| 净利润 | $83.7M | $27.3M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 8.0% |
| 净利率 | 10.2% | 5.7% |
| 营收同比 | 8.4% | -7.5% |
| 净利润同比 | 34.1% | 173.1% |
| 每股收益（稀释后） | $0.40 | $0.18 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收DOCUPBI
| Q4 25 | $818.4M | $477.6M | ||
| Q3 25 | $800.6M | $459.7M | ||
| Q2 25 | $763.7M | $461.9M | ||
| Q1 25 | — | $493.4M | ||
| Q4 24 | — | $516.1M | ||
| Q3 24 | — | $499.5M | ||
| Q2 24 | — | $489.7M | ||
| Q1 24 | — | $521.3M |
净利润DOCUPBI
| Q4 25 | $83.7M | $27.3M | ||
| Q3 25 | $63.0M | $52.0M | ||
| Q2 25 | $72.1M | $30.0M | ||
| Q1 25 | — | $35.4M | ||
| Q4 24 | — | $-37.4M | ||
| Q3 24 | — | $-138.5M | ||
| Q2 24 | — | $-24.9M | ||
| Q1 24 | — | $-2.9M |
毛利率DOCUPBI
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 79.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 53.8% | ||
| Q3 24 | — | 52.4% | ||
| Q2 24 | — | 51.1% | ||
| Q1 24 | — | 52.3% |
营业利润率DOCUPBI
| Q4 25 | 10.4% | 8.0% | ||
| Q3 25 | 8.1% | 14.8% | ||
| Q2 25 | 7.9% | 8.5% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | — | -9.3% | ||
| Q3 24 | — | -8.8% | ||
| Q2 24 | — | -1.6% | ||
| Q1 24 | — | 9.1% |
净利率DOCUPBI
| Q4 25 | 10.2% | 5.7% | ||
| Q3 25 | 7.9% | 11.3% | ||
| Q2 25 | 9.4% | 6.5% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | -7.2% | ||
| Q3 24 | — | -27.7% | ||
| Q2 24 | — | -5.1% | ||
| Q1 24 | — | -0.6% |
每股收益（稀释后）DOCUPBI
| Q4 25 | $0.40 | $0.18 | ||
| Q3 25 | $0.30 | $0.30 | ||
| Q2 25 | $0.34 | $0.17 | ||
| Q1 25 | — | $0.19 | ||
| Q4 24 | — | $-0.21 | ||
| Q3 24 | — | $-0.75 | ||
| Q2 24 | — | $-0.14 | ||
| Q1 24 | — | $-0.02 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $583.3M | $297.1M |
| 总债务越低越好 | — | $2.0B |
| 股东权益账面价值 | $2.0B | $-802.4M |
| 总资产 | $4.0B | $3.2B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资DOCUPBI
| Q4 25 | $583.3M | $297.1M | ||
| Q3 25 | $600.0M | $336.0M | ||
| Q2 25 | $657.4M | $300.8M | ||
| Q1 25 | — | $340.0M | ||
| Q4 24 | — | $486.1M | ||
| Q3 24 | — | $575.5M | ||
| Q2 24 | — | $612.0M | ||
| Q1 24 | — | $538.0M |
总债务DOCUPBI
| Q4 25 | — | $2.0B | ||
| Q3 25 | — | $2.1B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $2.1B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $2.1B |
股东权益DOCUPBI
| Q4 25 | $2.0B | $-802.4M | ||
| Q3 25 | $2.0B | $-661.5M | ||
| Q2 25 | $2.0B | $-536.8M | ||
| Q1 25 | — | $-535.9M | ||
| Q4 24 | — | $-578.4M | ||
| Q3 24 | — | $-518.9M | ||
| Q2 24 | — | $-427.9M | ||
| Q1 24 | — | $-392.4M |
总资产DOCUPBI
| Q4 25 | $4.0B | $3.2B | ||
| Q3 25 | $3.9B | $3.3B | ||
| Q2 25 | $3.9B | $3.2B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.4B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $4.1B | ||
| Q1 24 | — | $4.1B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $290.3M | $221.7M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $201.4M |
| 自由现金流率自由现金流/营收 | 32.1% | 42.2% |
| 资本支出强度资本支出/营收 | 3.3% | 4.2% |
| 现金转化率经营现金流/净利润 | 3.47× | 8.11× |
| 过去12个月自由现金流最近4个季度 | — | $317.0M |
8季度趋势，按日历期对齐
经营现金流DOCUPBI
| Q4 25 | $290.3M | $221.7M | ||
| Q3 25 | $246.1M | $66.8M | ||
| Q2 25 | $251.4M | $111.4M | ||
| Q1 25 | — | $-16.7M | ||
| Q4 24 | — | $134.5M | ||
| Q3 24 | — | $14.7M | ||
| Q2 24 | — | $92.6M | ||
| Q1 24 | — | $-12.6M |
自由现金流DOCUPBI
| Q4 25 | $262.9M | $201.4M | ||
| Q3 25 | $217.6M | $51.1M | ||
| Q2 25 | $227.8M | $98.0M | ||
| Q1 25 | — | $-33.6M | ||
| Q4 24 | — | $112.3M | ||
| Q3 24 | — | $-4.7M | ||
| Q2 24 | — | $76.1M | ||
| Q1 24 | — | $-26.9M |
自由现金流率DOCUPBI
| Q4 25 | 32.1% | 42.2% | ||
| Q3 25 | 27.2% | 11.1% | ||
| Q2 25 | 29.8% | 21.2% | ||
| Q1 25 | — | -6.8% | ||
| Q4 24 | — | 21.8% | ||
| Q3 24 | — | -0.9% | ||
| Q2 24 | — | 15.5% | ||
| Q1 24 | — | -5.2% |
资本支出强度DOCUPBI
| Q4 25 | 3.3% | 4.2% | ||
| Q3 25 | 3.6% | 3.4% | ||
| Q2 25 | 3.1% | 2.9% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 3.9% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | 2.7% |
现金转化率DOCUPBI
| Q4 25 | 3.47× | 8.11× | ||
| Q3 25 | 3.91× | 1.29× | ||
| Q2 25 | 3.49× | 3.72× | ||
| Q1 25 | — | -0.47× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
PBI
| Sales And Services | $218.4M | 46% |
| Presort Services | $159.7M | 33% |
| Financing And Other | $79.0M | 17% |
| Other | $20.5M | 4% |
